The case involves Turbo Machinery Engineering Industries Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2018-10-10. The Resolution Professional (RP) was appointed and published Form G, receiving only two Expressions of Interest (EOIs), which were rejected due to failing the qualifying criteria. The Committee of Creditors (CoC) discussed publishing Form G again or voting for liquidation. E-voting resulted in a majority desiring to publish Form G again. The RP received another enquiry from M/s Hytasu Corporation and M/s Shri Mangal Stone Crushers Pvt Ltd, who submitted resolution plans. However, the e-voting results for these plans did not achieve the required majority of 66% under Section 30(6) of the IBC. The RP filed a petition
…Turbo Machinery Engineering Industries Limited entered CIRP on 2018-10-10. The RP published Form G, receiving two EOIs, both rejected. The CoC considered re-publishing Form G or liquidation, opting to re-publish. M/s Hytasu Corporation and M/s Shri Mangal Stone Crushers Pvt Ltd submitted resolution plans. E-voting on 2019-07-03 failed to achieve the required 66% majority under Section 30(6) of the IBC for either plan. The RP, citing preoccupation with other assignments, sought relief from the assignment and requested the appointment of another IP as Liquidator. The CIRP was coming to an end by 2019-07-06. The Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30.
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Corporate D…
RP publi…
The case involves Turbo Machinery Engineering Industries Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2018-10-10. The Resolution Professional (RP) was appointed and published Form G, receiving only two Expressions of Interest (EOIs), which were rejected due to failing the qualifying criteria. The Committee of Creditors (CoC) discussed publishing Form G again or voting for liquidation. E-voting resulted in a majority desiring to publish Form G again. The RP received another enquiry from M/s Hytasu Corporation and M/s Shri Mangal Stone Crushers Pvt Ltd, who submitted resolution plans. However, the e-voting results for these plans did not achieve the required majority of 66% under Section 30(6) of the IBC. The RP filed a petition
…Turbo Machinery Engineering Industries Limited entered CIRP on 2018-10-10. The RP published Form G, receiving two EOIs, both rejected. The CoC considered re-publishing Form G or liquidation, opting to re-publish. M/s Hytasu Corporation and M/s Shri Mangal Stone Crushers Pvt Ltd submitted resolution plans. E-voting on 2019-07-03 failed to achieve the required 66% majority under Section 30(6) of the IBC for either plan. The RP, citing preoccupation with other assignments, sought relief from the assignment and requested the appointment of another IP as Liquidator. The CIRP was coming to an end by 2019-07-06. The Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30.
Corporate D…
RP publi…